A priced round is a funding round where the company's valuation is explicitly set and shares are sold at a fixed price per share, unlike a SAFE or convertible note, where the price gets determined later.
A Series A, B, or C is almost always a priced round: investors and the company agree on a valuation, that valuation sets a price per share, and everyone's ownership percentage is locked in at closing. Seed rounds increasingly use SAFEs or notes instead, specifically to skip this negotiation until later.
A priced round is also usually the moment every outstanding SAFE and convertible note actually converts into real shares, which is why it tends to be when a cap table goes from theoretical to final. Worth knowing exactly what the full stack of instruments converts to before that moment arrives, not after.
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